The major European cryptocurrency asset management company CoinShares has launched a new investment product that provides exposure to Toncoin associated with Telegram.
CoinShares International announced a merger with the blank check company Vine Hill Capital Investment Corp. to launch a Toncoin (TON) exchange-traded product (ETP).
The new product, named CoinShares Physical Staked Toncoin, began trading on the Swiss main stock exchange SIX on Tuesday, with the stock code CTON.
Toncoin is the native cryptocurrency of The Open Network (TON), a blockchain platform closely integrated with the Telegram messaging application. According to CoinGecko data, TON has seen a significant decline over the past year, with its market capitalization dropping 59% to $5.7 billion as of the time of writing.
In a statement announcing the launch of CTON, CoinShares said, "With over 900 million active users on Telegram and TON's high-performance capability of over 104,000 transactions per second, this blockchain combines technical performance with existing market coverage."
The company stated that the new ETP will provide automatic yield generation from network validation rewards, with a 2% staking yield, and trades in US dollars.
The Toncoin ETP product launched by CoinShares in Europe is not the first time this cryptocurrency asset management company has included TON in its crypto investment products.
TON is also part of CoinShares' Altcoins ETF (DIME), which is a US-traded ETP launched in early October that offers exposure to various altcoins, including Solana (SOL), Polkadot (DOT), Cardano (ADA), Cosmos (ATOM), and more.
As this news broke, the third-party cryptocurrency wallet application Wallet in Telegram is launching tokenized stocks and exchange-traded funds (ETFs) provided by xStocks.
According to a Monday announcement, Wallet in Telegram has begun offering tokenized shares of 50 stocks and ETFs, some of which provide dividends.
Toncoin reacted mildly to this news, rising about 5% to $2.30 on Tuesday. According to CoinGecko data, as of the time of writing, the token ranks as the 35th largest cryptocurrency by market capitalization.
Related: Trump-associated World Liberty will airdrop WLFI tokens worth $1.2 million to early USD1 users.
Original article: “CoinShares Launches Staked Toncoin (TON) ETP”
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